I'm long crude oil since a couple of weeks ago
Hopefully we'll see a long slow grind back up tp $90, then I will review my position from there
PS, Macdunk, my car needs an oil change - could you send down a 4 ltr pack of oil
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I'm long crude oil since a couple of weeks ago
Hopefully we'll see a long slow grind back up tp $90, then I will review my position from there
PS, Macdunk, my car needs an oil change - could you send down a 4 ltr pack of oil
31/03/09 net short 11450 49.66
commercials (hedgers) added 7430 longs and reduced shorts by 3840 for a reduction in net short position of 11270 contracts for the week
Right, Mick, if the POO overcomes the present resistance at $50....which is likely....then $60 and beyond is possible/probable [take your pick].
yeah airdale - oil looking good on the chart
bloody charts keep changing on me
Yes, Mick, nice triple bottom on the chart. A good surge in volume would confirm.
31/03/09 net short 11450 49.66
14/04.09 net short 14100 52.50
21/04/09 net long 2585 48.55
28/04/09 net long 7100 49.92
oil should push higher over the short-medium term
commercials (hedgers) increasing thier long positions
Ignore the minor fluctuations Mick - Oil has been in an uptrend all this year. There is even a confirmed trendline in place.
http://h1.ripway.com/78963/BRENT52.gif
thanks Phaedrus
Sorry Shasta, I only maintain data for Brent and West Texas oil.
I cut this from an Australian Treasury report :-
Of the more than 160 types of crude oil traded globally, the most widely cited oil benchmark is West Texas Intermediate (WTI) crude, although WTI accounts for less than 1% of global oil production. The price of crude is largely based on its chemical properties, in particular its sweetness (sulphur content) and weight (API gravity). A ‘sweet and light’ crude generally trades at a premium to a ‘heavy and sour’ crude, as the former is cheaper to process into petrol. Historically, WTI, which has an API gravity of 39.6 degrees and sulphur content of 0.2% making it a sweet and light crude has tended to trade at a premium to Brent and Dubai (see chart below) and at rough parity with Tapis, which is the lightest and sweetest of the main types of crude oil, with an API gravity of 45.5 degrees and sulphur content of 0.1%.
http://h1.ripway.com/78963/OIL52.gif
They all have price plots of very similar shape and could be expected to trigger practically identical technical signals.
Here then is a chart of West Texas oil in $US which should be the approximate equivalent of Tapis. I hope you find it of some assistance.
http://h1.ripway.com/78963/WESTEX52.gif
Thanks, Phaedrus, for the reminder to keep our eyes on the trend and try to ignore the fluctuations.
http://www.theaustralian.news.com.au...005200,00.html
;)
31/03/09 net short 11450 49.66
14/04.09 net short 14100 52.50
21/04/09 net long 2585 48.55
28/04/09 net long 7100 49.92
05/05/09 net long 4400 53.84
31/03/09 net short 11450 49.66
14/04.09 net short 14100 52.50
21/04/09 net long 2585 48.55
28/04/09 net long 7100 49.92
05/05/09 net long 4400 53.84
12/05/09 net short 17150
19/05/09 net short 48000 60.10
updated chart anyone....oil creeping higher. Haven't seen to much of a rise in oilers in general. Time to pick some up i think.
31/03/09 net short 11450 49.66
14/04.09 net short 14100 52.50
21/04/09 net long 2585 48.55
28/04/09 net long 7100 49.92
05/05/09 net long 4400 53.84
12/05/09 net short 17150
19/05/09 net short 48000 60.10
26/05/09 net short 55700 62.45
,
31/03/09 net short 11450 49.66
14/04.09 net short 14100 52.50
21/04/09 net long 2585 48.55
28/04/09 net long 7100 49.92
05/05/09 net long 4400 53.84
12/05/09 net short 17150
19/05/09 net short 48000 60.10
26/05/09 net short 55700 62.45
02/06/09 net short 56700 68.55
Just picked this up and may be worthy of discussion. {or derision if Skol sees it}
http://www.ino.com/blog/2014/06/high.../#.U5gJefmSzT8
As I expected oil prices are in down trend now. NZD, AUD and CAD should follow oil next. Oil could go down to around $80 per barrel. This is good news for the global economy.
http://www.forbes.com/sites/thomasla...e-set-to-fall/
Here Comes Cheaper Oil: Why Prices Are Set to Fall
My ideas are not a recommendation to either buy or sell any security, commodity or currency. Please note that I do not endorse or take responsibility for material in the above hyper-linked sites. Please do your own research.